Comparison

Bondbazaar vs GoldenPi

Bondbazaar and GoldenPi have both been on BSE since early 2023 and both say they charge investors nothing, but Bondbazaar holds bonds in a CDSL demat it opens for you while GoldenPi uses yours. Bondbazaar also lets you place orders on the exchange order book as well as RFQ.

Verified 17th Oct 2026

Lean to Bondbazaar if

You want small-ticket G-secs and the exchange order book in the same app, and a separate CDSL demat does not bother you.

Full Bondbazaar review

Lean to GoldenPi if

You want bonds in the demat you already hold.

Full GoldenPi review

Side by side

	Bondbazaar	GoldenPi
Legal entity	Bondbazaar Securities Pvt Ltd source	GoldenPi Securities Pvt Ltd (CIN U65990KA2022PTC164941), a wholly owned subsidiary of GoldenPi Technologies Pvt Ltd source
Group or backers	Founded in 2020 by Suresh Darak; bootstrapped with no external equity as of Jul 2025. Board shown under Debtlife Holdings. source	Founded 2017 by Abhijit Roy and Samir Baran Pratihar; Zerodha's Rainmatter has invested. Oxyzo Financial Services announced a 100% acquisition on 19th May 2026 (about ₹42.4 cr share swap); closing not confirmed. source
SEBI registration	INZ000303236 (stock broker); also a CDSL DP, DP ID 12096100 source	INZ000310732 (stock broker), NSE member 90331, BSE member 6809 source
NSE OBPP status	Enabled since 15th Mar 2023 source	Enabled, with enablement dated 31st Dec 2025 in the list as on 14th Oct 2026 (the file does not explain the late date) source
BSE OBPP status	Active since 10th Mar 2023 source	Active since 19th Apr 2023 source
Where your bonds sit	In a Bondbazaar opened CDSL demat; its FAQ says an existing demat cannot be linked source	In your own existing demat; no GoldenPi DP is disclosed source
Minimum investment	₹100 for government securities and ₹1,000 for corporate bonds, per its FAQ; in practice one unit of the chosen bond source	₹10,000 for corporate bonds, ₹1,000 for FDs source
Fees and markup	No brokerage, account opening or maintenance charges claimed. Terms reserve the right to levy charges. Any spread in the quoted yield is not disclosed. source	No transaction charge per its FAQ. Spread inside the price is not disclosed. source
Yield shown as	Not disclosed on the pages checked source	Not disclosed source
Selling before maturity	Sell on NSE or BSE, or ask its customer service team; at market prices if a buyer exists. No buyback. source	Sell on BSE or NSE yourself, or ask GoldenPi's team to help find a buyer. No fee stated, no buyback promise. source
Settlement	Exchange order book or RFQ, settled through ICCL or NSE Clearing pool accounts; cycle not stated source	Through the exchange clearing corporations, T+1 or T+2 per GoldenPi source
Credit range on shelf	Advertised returns of 8% to 14%; a third-party review reports ratings from AAA to D source	AAA to BBB (CRISIL, ICRA, CARE, India Ratings), corporate bond yields of 8% to 14%, per GoldenPi source
NRI access	Not disclosed on the pages checked source	Not disclosed source
Play Store (India)	4.2 from 179 ratings, read 17th Oct 2026 source	4.1 from 125 ratings, read 17th Oct 2026 source
App Store (India)	4.47 from 30 ratings, read 17th Oct 2026 source	4.3 from 30 ratings, read 17th Oct 2026 source
SEBI or exchange actions	None found as of 25th Sep 2026 (third-party check) source	₹4.5 lakh in total (₹2 lakh on the company, ₹2.5 lakh on five directors), order dated 31st Jul 2025 or reported 1st Aug 2025, for trades outside RFQ and ads run without BSE approval source

How they differ

Custody

Bondbazaar runs a CDSL depository participant (registered 7th Jul 2022), and its FAQ says there is currently no provision to link an existing demat, so bonds sit in a demat opened through Bondbazaar. A third-party review says bonds can go to CDSL or NSDL accounts, which conflicts with the FAQ. GoldenPi settles bonds into your existing demat.

How orders execute

Bondbazaar sends orders to the NSE or BSE order book or to RFQ, and keeps client money in a wallet funded by UPI or net banking, with withdrawals within 2 working days. GoldenPi takes payment per order and credits bonds T+1 or T+2.

How they earn

Bondbazaar says customers pay no brokerage, account opening or maintenance charges, though its terms reserve the right to levy them. Its founder has said revenue comes mainly from issuer fees on new issues; a separate quote describes income from both primary and secondary business. GoldenPi says it charges no transaction fee. Neither discloses a spread.

Shelf and minimums

Bondbazaar's FAQ gives ₹100 for G-secs and ₹1,000 for corporate bonds; a third-party review says the real minimum is one unit, from about ₹1,000 to over ₹1 lakh. It covers G-secs, SDLs, corporate, tax-free and capital gains bonds, SGBs and bond IPOs, and the same review describes ratings from AAA to D. GoldenPi states AAA to BBB and bonds from ₹10,000.

Exit

Both point sellers to the exchange and their support teams. Bondbazaar says sales happen at prevailing market prices, subject to buyers.

Record

SEBI fined GoldenPi and five directors ₹4.5 lakh in 2025. No action against Bondbazaar was found as of 25th Sep 2026, per a third-party check. Bondbazaar's founder told Mint it disabled trading in TruCap before the Jul 2025 default, and a blog named GoldenPi among TruCap sellers; both are reported claims. Bondbazaar's leadership page changed by Sep 2026 without an announcement, and Oxyzo announced in May 2026 that it would buy GoldenPi.

Questions people ask

Can I link my existing demat to Bondbazaar?

Bondbazaar's FAQ says there is currently no provision to link an existing demat; bonds are held in a CDSL demat opened through Bondbazaar.

How does Bondbazaar make money if it charges no brokerage?

Its founder has said revenue comes mainly from issuer fees on new issues. A separate quote describes income from both primary and secondary business.

Are Bondbazaar and GoldenPi on both exchanges?

Yes. Bondbazaar was enabled on BSE on 10th Mar 2023 and NSE on 15th Mar 2023. GoldenPi was enabled on BSE on 19th Apr 2023, and NSE's file dates its enablement to 31st Dec 2025.